基于企业传播视角的我国上市公司社会责任实证研究

本文基于企业传播的视角,通过对<福布斯>2009年全球上市公司2000强中内地上市公司网站、年报和社会责任报告中有关公司社会责任的内容披露的统计分析,围绕上市公司履行社会责任的动机、内容以及利益相关者在其中的应用等问题展开实证分析.研究表明,不同公司履行社会责任的程度各不相同,呈近似正态分布,且与所属行业国际化程度正相关;上市公司中绝大多数公司社会责任受到价值驱动,只有少数公司受到财务绩效或者利益相关者驱动;目前上市公司社会责任实践的三种主要形式依次是从事公益捐赠、遵守道德准则,以及支持各种慈善事业,而志愿服务和质量管理则相对欠缺.     

A contingent view of e-collaboration and performance in manufacturing

Manufacturers are increasingly utilizing Internet-based tools to more readily conduct collaborative activities with key business customers. While the emerging conventional wisdom suggests that the greater the extent to which manufacturers engage in Internet-enabled commerce with downstream business customers the better the performance, we espouse an alternative view. Consistent with the relational view of competitive advantage and contingency theory, we develop a model and a series of hypotheses that specify how various product and market characteristics may influence the nature of the expected positive relationship between e-collaboration and performance.To test the model, we collected data from 50 manufacturers using a Web-based survey. Our partial least squares (PLS) analysis results do indeed support the notion that e-collaboration is related to better operational and business performance. However, we go on to show that the strength of the relationship between e-collaboration and operational performance diminishes as the level of environmental munificence increases. Notably, we found no such moderating effect with respect to the level of product complexity or market variability. Our findings contribute to the operations strategy literature on supply chain relationships in the e-business arena and offer managers a framework for understanding the conditions under which investments in e-collaboration may be more appropriate and therefore more beneficial.     

财务报告舞弊特征研究的实证发现:文献综述与评论

本文旨在对国内外财务报告舞弊特征实证研究的文献进行梳理与回顾,重点从舞弊公司财务报告特征指标和财务报告舞弊识别模型两方面进行总结,系统地评述了有关该领域的研究成果,在此基础上探讨相关问题研究的不足及未来的研究方向。     

Financial factors and firm growth: evidence from financial data on Taiwanese firms

We investigate the possible predictability of firm growth in Taiwan using cross-sectional data of financial factors for the years 1997 and 2003 via principal component analysis. Our results reveal that the 18 financial variables (sales growth rate, total assets, total sales, return on assets, return on equity, gross margin, operating cost minus depreciation divided by sales plus other trading income, acid test ratio, debt–equity ratio, time interest earned, average receivables per average daily sales, inventory, average payables per average daily sales, working capital, working capital as a fraction of total assets, long-term liabilities as a fraction of total assets, and sales as a fraction of net worth of the firm) that we employ bunch together into five different financial ratios for the years 1997 and 2003 that are stable between these years. These financial factors are short-term liquidity, return on investment, long-term liquidity, firm size and capital turnover. Regressing these ratio groups (extracted principal components) on firm growth, we find return on investment in the year 1997 was positively and significantly related to firm growth, while long-term solvency was negatively related to firm growth. In addition, smaller firms tended to grow faster. By 2003, larger firms grew faster than smaller ones and short-term liquidity was positively and significantly related to firm growth, while return on investment was no longer a significant determining factor. Our findings suggest that firms that finance internally or do not rely too heavily on indebtedness may end up growing slower during boom periods but they are the ones that survive and outperform after the bust.     

Do foreign exchange fund managers behave like heterogeneous agents?

This paper estimates an Heterogeneous Agent Model (HAM) on currency trader indices to explain the large shifts in profitability in currency styles surrounding the global financial crisis. In the model, fund managers allocate capital conditional on recent performance to a value strategy, a momentum strategy, and a carry strategy. Subsequent estimation results reveal that (1) a large part of the behavior of currency managers can indeed be described by these three simple strategies, and (2) currency managers shift capital from recent winning styles to recent losing styles, and hence apply a negative feedback strategy. We finally show that a negative feedback strategy is indeed optimal, but currency managers could improve performance by applying it less aggressively if they were able to.     

Variance swap dynamics

We compare several parametric and non-parametric approaches for modelling variance swap curves by conducting an in-sample and an out-of-sample analysis using market prices. The forecasted Heston model gives the best overall performance. Moreover, the static Heston model highlights some problems of stochastic volatility models in option pricing of forward starting products.     

基于因子分析法的会展业参展行为决策因素实证研究

会展活动中,参展商行为是展会成功的关键因素之一。本文以建立影响参展商参展行为决策的数量模型为基础,选取在北京举办的三个典型展会进行实地调研,通过因子分析法萃取主要影响因子并确定其影响权重,研究提出影响参展商参展行为决策的主要因素,为提升会展活动效果提供参考。研究显示,展会的市场购买力、专业观众(买家)的质量和数量是影响参展决策的首要因素。展会的行业影响力、同行企业的参展情况特别是知名或龙头企业能否参展,也是影响参展决策的重要因素。对于贸易型展会,主办方的官方背景对参展决策的影响不大,参展商更看重展会自身的影响力和品牌效应。     

基于价值投资的证券市场相关研究和回归分析以及应对策略

为了能够提高我国证券市场价值投资的应用水平,对我国证券市场价值投资进行实证研究,结果表明,我国证券市场仍是一种新兴的证券市场,处于由非有效市场向弱有效市场的转型中。随着上市公司质量的不断提升,价值投资策略将成为证券市场的主流形式。     

经济发展对信贷增长促进作用的实证分析

对信贷增长与经济增长的关系进行研究,对于探索经济金融协调发展之路有着重要的政策含义.本文选取反映经济发展水平最具代表性的GDP和货币政策决策的重要信息变量之一的信贷规模,建立东、中、西部地区相关回归模型,分区域对经济发展促进信贷增长的作用进行了比较分析.结果显示:经济发展水平决定了金融发展水平,区域经济发展的差异会导致区域金融发展也存在差异.     

在线购买信任模式的中国实证研究

信任的缺失是使消费者不愿在线购买的主要原因之一。为提供中国在线购买信任问题一个有效的解决方案,基于对Cheung and Lee(2000)和Kit Lui(2003)等在线购买信任模式实证研究结果和局限性的认识,本论文提出一个修正模式并在中国大陆的情境下开展实证研究。研究结果显示,在所有网上购买信任的前置变量中,网上商店的有用性和消费经历与在线购买信任表现出更为强烈的正相关。并且,消费经历与有用性不但通过在线购买信任变量积极影响在线购买意图,并且对在线购买意图的产生也有较强的、直接的积极作用。另外,在线信任等变量在人口统计学特征上和消费习惯上表现出一定的差异,男性、学历较高、上网时间长、网购次数多、每次花费金额多、预测未来两年在线消费比例上升的在线消费者群体,其对在线购买的信任更多地表现在有用性和安全控制的良好认知上。